I don't believe occupancy changes have anything to do with PZN's problems. The problems were always there, but masked by the financials. The dividend rate was being supported by rents paid by CCA, who could not afford the rent. Where were they getting the money? From PZN in the form of construction and management fees. Where was PZN getting the money? They were borrowing it under the line of credit. Once the credit ran out the game was over. The problem was there from the beginning when the CCA-PZN reorganization was done - CCA did not have the financial capacity to survive. They tried to save CCA by boosting the fees paid by PZN, but the whole thing collapsed under the debt that PZN took on to grow. Whoever structured and supported the PZN IPO must have known that CCA was not a viable entity and deserves to be sued.
I think it is many factors; however, the most prominent being management's disdain for and the misleading of the investment community. It's the old fool me once, shame on you, fool me twice shame on me syndrome. Only consistent earnings and track record will pull this stock to past levels.